Sheltering Teacher Retirement Contribution Sample Clauses

Sheltering Teacher Retirement Contribution. A. According to authority granted by the Pension Reform Act of 1974, Section 414 (h)(2) of the Internal Revenue Code, the Board agrees to pay in addition to the established compensation schedule to the Teacher Retirement System, on behalf of each teacher, 10.3753% of the teacher's respective gross earnings and shelter said amount for tax purposes. The Board agrees to pay 0.8% of the teacher’s gross earnings to the Teachers Health Insurance System and shelter said amount. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
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Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h)(2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher’s Retirement System on behalf of each teacher, from the established compensation schedule, the required contribution of each teacher which currently is nine and four tenths percent (9.4%) of each teacher’s earnings. The Board will continue to pay to TRS from future established salary schedules, on behalf of each teacher, the required percentage of the teacher’s respective gross scheduled earnings. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion, and the Board and its officers shall be held harmless for claims by the IRS related to tax monies due. For example: $20,000 - Gross Wages as per Appendices A and B 1,880 - Board Payment to TRS (currently 9.4%) $18,120 - Net Taxable Income
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Sheltering Teacher Retirement Contribution. A. Teacher Retirement System (“TRS”) member contributions, and member contributions required in respect to so-called “2.2 upgrades,” although designated as employee contributions, shall be “picked up” by the employer from the gross salary of the employee in accordance with the authority granted by Section 414(h)(2) of the Internal Revenue Code, as amended. The members of the bargaining unit shall not have the option to choose to receive the contributed amounts directly instead of having those amounts paid by the employer to TRS.
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Sheltering Teacher Retirement Contribution. In addition to the annual salary set forth on the salary schedule attached hereto as Appendix I, the Board shall pay the teacher’s mandatory TRS contribution of 9.4% (10.3753% as calculated with TRS add-on factor) of the salary schedule amount to TRS for TRS retirement benefits purposes. In addition, the Board shall pay the teacher's mandatory TRS contribution to TRS for Teacher Retirees' Health Insurance (THIS). The TRS contributions shall be excluded from the gross income of the teacher for income tax purposes and in compliance with IRS rules and regulations.
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Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414 (h)
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Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h)(2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher Retirement System on behalf of each teacher, from the established compensation schedule, the required percentage of earnings reflected for each teacher remaining due after the Board’s payment of an amount equal to the full TRS payment by a teacher located in the initial level of column BS+8 Step C. In the event that the Board payment exceeds the required TRS contribution on behalf of a teacher, said additional monies shall become salary. Any additional monies due to TRS by the teacher will be withheld and sheltered by the Board of Education. The Board shall continue to pay to TRS from future established compensation schedules, on behalf of each teacher, the required percentage of the teacher’s respective gross scheduled earnings. Should any of the above be declared improper by an IRS ruling or opinion, that clause or portion thereof shall be deleted from this Agreement to the extent that it violates the ruling or opinion.
Sample 1
Sheltering Teacher Retirement Contribution. According to authority granted by the Pension Reform Act of 1974, Section 414(h)(2) of the Internal Revenue Code, the Board of Education agrees to pay to the Teacher Retirement System on behalf of each teacher, from the established compensation schedule, the required percentage of earnings reflected for each teacher.
Sample 1
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Related to Sheltering Teacher Retirement Contribution

  • Retirement Contribution The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications. Corrections Firearms Instructor Oil & Hazardous Material Responder I Oil & Hazardous Material Responder II

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • Maintaining Eligibility for Employer Contribution The employer's contribution continues as long as the employee remains on the payroll in an insurance eligible position. Employees who complete their regular school year assignment shall receive coverage through August 31.

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to:

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

  • Eligibility for Employer Contribution This section describes eligibility for an Employer Contribution toward the cost of coverage.

  • Contribution Formula - Basic Life Coverage For employee basic life coverage and accidental death and dismemberment coverage, the Employer contributes one-hundred (100) percent of the cost.

  • Full Employer Contribution - Basic Eligibility Employees covered by this Agreement who are scheduled to work at least seventy-five (75) percent of the time are eligible for the full Employer Contribution. This means:

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